Saudi Arabian Ministry of Investment signs large-scale agreement with HiPhi Auto's parent company

Last June, the Saudi Arabian Ministry of Investment signed a 40.1 billion RMB agreement with HiPhi Auto's parent company, Human Horizons. Despite the negative news HiPhi Auto has faced, the agreement has not been terminated. The participation of FAW Group is seen as a key factor in revitalizing the overall situation. Saudi Arabia requires a guarantee, that is, a state-owned enterprise or central enterprise in the automotive industry to participate. Saudi Arabia's hesitation mainly stems from concerns about HiPhi Auto's sales and the need for a central enterprise or state-owned enterprise of a group nature to endorse it after the financial crisis at the beginning of the year.